China: Guangdong minor refineries still plagued by deep refining losses

Chemical News: China: Guangdong minor refineries still plagued by deep refining losses

https://www.chemnet.com Aug 12,2010
Minor refineries in South China's Guangdong Province still suffered from steeply negative refining margins on stable feedstock costs and product prices, a survey found.

The margin was minus Yuan 216/mt on average in theory Wednesday, flat with one week ago, versus minus Yuan 288/mt a year earlier, it's estimated.

Ex-terminal prices of high-sulfur straight-run fuel oil, feedstock for the refineries, were Yuan 4,940-4,960/mt in South China Wednesday, unchanged on week.

In the period, ex-terminal prices of high-sulfur residue were steady at Yuan 3,750-3,800/mt on oversupply of blendstock; meantime, substandard gasoil stayed unchanged at Yuan 5,900-6,000/mt.

The refineries may not shake off negative refining margins in the coming week, as prices of substandard gasoil would not rise on limited upsides for national standard grades.

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